MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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USD/JPY Currently Confined to Y108.50/109.00

JPY
MNI (London)
  • USD/JPY was marked lower at the Asia open, the market reacting to Friday's replacement of the Turkish central bank governor which prompted some unwinding of TRY/JPY positions.
  • USD/JPY dropped to Y108.51 where it ran into willing buyers positioned into Y108.50.
  • Rate recovered as dip buyers began to emerge for TRY, USD/JPY able to recover to Y108.96 before momentum faded.
  • Pullback found support around Y108.70.
  • Support remains into Y108.50, stronger interest suggested at and below Y108.20.
  • Resistance Y109.00, with a break of Y109.10/20 needed to bring recent highs between Y109.30/36 back into play. Above here and Y109.56 (76.4% 111.71-102.59) ahead of Y109.80/85.
  • UST yields remain in focus and with this in mind Fed Powell speaks at 1300GMT.
  • MNI Techs: USDJPY trend conditions remain bullish. The focus is on 109.56, a key retracement where a break would reinforce the current bullish sentiment. Momentum studies are still overbought and this is being monitored. The condition is not having an impact on the trend though and instead, continues to reinforce the current bullish mood. Support to watch is at 108.34, Mar 10 low. A break would signal a possible top and the start of a correction.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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